$20k instant asset write-off passes Parliament
Legislation increasing the instant asset write-off threshold from $1,000 to $20,000 for the 2024 income year passed Parliament just 5 days prior to the end of the financial year.Purchases of…
Legislation increasing the instant asset write-off threshold from $1,000 to $20,000 for the 2024 income year passed Parliament just 5 days prior to the end of the financial year.Purchases of…
The main residence exemption exempts your family home from capital gains tax (CGT) when you dispose of it. But, like all things involving tax, it’s never that simple. As the…
Will 2024-25 be another year of volatility or a return to stability? Personal tax & superAs you would be aware (at least we hope so after a $40m public education…
Here’s a summary of the key changes coming into effect on 1 July 2024:Tax cuts reduce personal income tax rates and change the thresholds.Superannuation guarantee increases from 11% to 11.5%…
The ATO has warned that it is looking closely at how trusts distribute income and to who.The way in which trusts distribute income has come under intense scrutiny in recent…
The end of the financial year is fast approaching. We outline the areas at risk of increased ATO scrutiny and the opportunities to maximise your deductions. For you Opportunities Take…
A new issues paper from Treasury’s Competition Review questions whether non-competes and other restraints are limiting job opportunities and movement. A recent Australian Bureau of Statistics (ABS) survey found that…
The 2024-25 Federal Budget is the third for the Albanese Government and consistent with previous years, the primary themes are expected to be the cost of living and the economic…
The ATO has signalled that it is willing to pursue professional services firms who divert profits to avoid tax.Two new cases before the Administrative Appeals Tribunal demonstrate how serious the…
The ATO has issued a warning to trustees of SMSFs about sloppy valuation practices.ATO data analysis has revealed that over 16,500 self managed superannuation funds (SMSFs) have reported assets as…